LONDON (Alliance News) - Sphere Medical Holding PLC Monday said it has retained all commercialisation rights to Proxima 4 and is free to enter into discussions with interested parties who may want to acquire the rights, after Ortho Clinical Diagnostics opted out of doing so.
Sphere Medical entered into a collaboration agreement with Ortho Clinical Diagnostics in 2013 for the development of Proxima 4, but on Monday the company said that Ortho had decided not to exercise its option to enter into negotiations to acquire exclusive global commercialisation rights for the device.
Sphere Medical will continue with the finalisation of the submission process for the CE-marking for the Proxima 4 device whilst it further develops strategies for commercialisation, it said.
"Whilst Ortho Clinical Diagnostics focuses on its core business and has chosen not to pursue distribution of Proxima 4, Sphere is now free to explore commercial agreements with other interested parties. We look forward to engaging with parties who are well placed to sell into the attractive, global critical care market," Chief Executive Wolfgang Rencken said in a statement.
Shares in Sphere Medical were trading up 0.3% at 15.30 pence Monday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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